Street likes Transocean profit
What's not clear is how the Gulf of Mexico spill will affect the company.
Embattled oil driller Transocean's (RIG) shares were up 2% to $74.24 after hours after first-quarter earnings beat Wall Street estimates.
The company earned $685 million, or $2.09, down from $939 million, or $2.93 a share. Revenue was $2.6 billion, down from $3.1 billion a year ago. The estimates had been for $2.14 in earnings on revenue of $2.67 billion.
The results, however, included $42 million in one-time charges that reduced earnings by 13 cents a share. So, non-GAAP earnings came to $2.22, ahead of the Street consensus. The charges include losses on the sale of two rigs and writedowns on oil-and-gas properties and a tax charge.
The results don't include any effects from the April 20 explosion on its Deepwater Horizon rig as it was drilling a well for BP (BP) that set off the big oil spill in the Gulf of Mexico. The explosion sank the rig and 11 workers are believed dead.
Transocean declared the rig a total loss and received a $401 million payment from its insurers. But there are multiple probes into the spill ongoing, and the company said the Department of Justice has asked the company to preserve information about the spill.
The company will hold its analyst call at 10 a.m. ET Thursday.
BP, meanwhile, closed up 1.3% to $50.99 on news that one of three breaks in that leaking well had been capped.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market finished an upbeat week on a mixed note. The S&P 500 added just over a point, holding its weekly gain at 1.0% while the Nasdaq lost 0.4%.
The major averages began the day on an upbeat note, but relinquished their opening gains during the first 90 minutes of action. The early sentiment was boosted by a better-than-expected nonfarm payrolls report for February (175K versus Briefing.com consensus 163K), but a closer look into the report suggested that ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
VIDEO ON MSN MONEY
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'